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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Douglas V. Fant who wrote (52262)	10/1/1999 5:03:00 PM
From: dfloydr	Read Replies (1) \| Respond to of 95453

Doug, You point out that Iranian reserve estimates will rise as a result of their new find. Do you, or does anyone reading this, know how OPEC set their allowed production figures this time? Prior to this past March they were each supposedly producing a percentage of their reserve figures. If they have kept the same formula, Iran could increase production as this find adds to their reserves. What bust OPEC's prior agreement was the way they all went out and "cheated" by using more and more optomistic reserve figures so that they all wound up producing more than they were supposed to. By adding this new reserve to their base, Iran may be achieving the same thing. Could lead to "cheating" under a different disguise ... don't change the reserves for existing fields ... just add fields ;-)